CFR -Global Monetary Policy Tracker - May 5, 2025

 

Ambassador Mr. Onder Ozar:   The CFR Global Monetary Policy Tracker is updated through May 5.   It’s been a quiet few weeks on the monetary front – quite a contrast to the trade front.   While the ECB cut its policy rate from 2.5% to 2.25%, the other major reserve-currency central banks held steady: the Fed at 4.38%, the PBoC at 3.1%, the BoJ at 0.5%, the BoE at 4.5%, the Bank of Canada at 2.75%, and the Reserve Bank of Australia at 4.1%. Mainly owing to our algorithm now classifying the BoJ as neutral (from tightening), our CFR Index of Global Easing (-)/ Tightening (+) falls slightly from -2.53/10 to -3.09/10. This represents mild global easing.   Please be sure to check out our new CFR Global Inflation Tracker, which covers nearly 200 countries over the past quarter century.   Sincerely, Benn Steil, DPhil Senior Fellow and Director of International Economics Council on Foreign Relations 58 East 68th Street, New York, NY 10065 tel: 212 434 9622 email: bsteil@cfr.org blog: http://blogs.cfr.org/geographics/ trackers: https://www.cfr.org/cfr-geoeconomics-trackers Twitter (X): @BennSteil speaking: https://www.leadingauthorities.com/speakers/benn-steil Read about my latest books, THE WORLD THAT WASN’T, THE MARSHALL PLAN, and THE BATTLE OF BRETTON WOODS   Council on Foreign Relations 58 East 68th Street, New York, NY 10065 1777 F Street, NW, Washington, DC 20006